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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI BRIEF: China Crude Oil Imports Accelerate In November
MNI BRIEF: RBA Holds, Notes Declining Inflation Risk
VF Corp (VFC; Baa3 Neg/BBB- Neg) Steepening ahead of 1Q earnings
- About 4bps of steepening in the curve today - unclear if it's nerves ahead of earnings but we reiterate caution for longs; we are heading in 20bps tighter vs. last earnings.
- Only updates we have since the rough 4Q earnings and guidance is a seasoned industry operator as the new vans head (the whole mgmt is new so we don't see it as relevant) and Supreme sale for $1.5b - a positive but should have been expected given mgmt comments. Yes it will head to the BS pushing leverage down to mid 4x (net) but we will also loose $116m/yr of EBIT (sizeable given co's core brands are struggling to make money).
- Lead indicators we track at including US card data and google search trends don't point to a recovery.
- On RV: popular feedback after FY24 earnings was cheap on XCCY/vs. $ curve - we are trading in-line with them now. As we said investors don't need to give up carry in short-end to rotate into (in our eyes) lower risk co's; Coty (preferred) or Dufry. 29/32s continue to trade flat (spread and yield) - low cash px 32s may be driving that.
1Q25 (3m to June) results on Tuesday (6th) after the US close (call at 9:30pm London).
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.